I definitely think there are two economies regarding Hive. There is all the activity that happens onchain, which includes accounts "exploiting the reward pool" (which will always be annoying) and then there is the Hive price itself determined by all the buying and selling on the exchanges and whatnot, that, as far as I can tell does not seem to be influenced by much, if anything, that happens onchain.

It's a nice place to be in, honestly, but potentially also means there isn't a lot we can do to affect the Hive price in our favour.

When you talk about the Ninjamine, you're specifically talking about the early Steem days yeah? I assume there was no ninjamine of Hive because almost everyone (excluding Sun et all) just got their Steem tokens replicated on Hive... is that right?